Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1986.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
54 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
12 people listed on the 990; $150 paid to officers and key staff.
Allie Verchota’s $100 as Vice Chair is at the 1st percentile of top reported officer pay among 168 <$100K community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Greg Zylka | — | $450 | $500 | $470 | $195 | $245 |
| Carrie Reierson | $50 | $450 | $250 | $250 | — | — |
| Steven Hansen | — | — | $400 | $285 | $185 | — |
| Maurice Durheim | — | $100 | $385 | $370 | $320 | $370 |
| Dan Frank | — | $350 | $350 | $320 | $370 | $370 |
| Steve Gertken | — | $200 | $270 | $270 | $320 | $295 |
| Allie Verchota | $100 | $270 | $35 | $35 | — | — |
| Steve Hansen | — | — | — | — | — | $235 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aNo
Programs and updates
Helps people learn new skills and access resources to build stronger communities and a thriving economy.
Questions for North Central Economic Development Association INC
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Region five development commission received a $1.6 million eda cares act recoverry assistance grant to capitalize and administer revolving loan funds that will provide gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in crow wing, cass, morrison, todd, and wadena counties.
MN department of employment & economic development (deed) provides funds to a network of non-profit lenders which use these funds for loans to start-up and expanding buisnesses throughout the state. Deed also has provided funds for small business emergency loans (sbel) to help small businesses through the pandemic.
Issuance of revolving loan funds to the businesses to encourage economic development in cass, crow wing, morrison, todd and wadena counties. These loans are made to businesses in combination with use of traditional financial services we offer a lower interest rate.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $873K | $825K |
| Land, buildings, equipmentLn 10c | $0 | $0 |
| Total assetsLn 16 | $2.1M | $1.9M |
| LiabilitiesLn 26 | $322K | $135K |
| Net assetsLn 32 | $1.8M | $1.8M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $1K | $1K | ||
| Management feesLn 11a | $29K | $29K | ||
| Legal feesLn 11b | $126 | $126 | ||
| Accounting feesLn 11c | $18K | $18K | ||
| Other fees for servicesLn 11g | $700 | $700 | ||
| Advertising and promotionLn 12 | $32 | $32 | ||
| Information technologyLn 14 | $3K | $3K | ||
| TravelLn 17 | $668 | $668 | ||
| InsuranceLn 23 | $1K | $1K | ||
| Other expenses (24a–d)Ln 24 | $3K | $446 | $2K | |
| Total functional expensesLn 25 | $56K | $30K | $26K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $43K | $56K | −$13K | $1.8M | 990 PDF |
| FY2024 | $105K | $84K | $21K | $1.8M | 990 PDF |
| FY2023 | $107K | $102K | $5K | $1.8M | 990 PDF |
| FY2022 | $153K | $113K | $40K | $1.8M | 990 PDF |
| FY2021 | $163K | $128K | $36K | $1.7M | 990 PDF |
| FY2020 | $271K | $130K | $141K | $1.7M | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $43,285 revenue, 12 lines filed
Part VI · Governance 11 of 11 board members independent, 2 to look at
Part VIII · Statement of revenue $43,285 across 3 lines filed
Part IX · Statement of functional expenses $56,331 across 10 lines filed
Part X · Balance sheet $1,932,808 assets, 12 lines filed
Part XI · Reconciliation of net assets $1,797,788 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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